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Biden Refuses To Admit His Failure…

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(FreedomWire.org) – President Biden attempted to downplay the U.S. inflation crisis during a “60 Minutes” interview, claiming that the month-to-month rate has “hardly” risen – which prompted his CBS interviewer to dispute his response.

CBS correspondent Scott Pelley asked: “Mr. President, as you know, last Tuesday, the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?”

Biden quickly told Pelley he needed to “put this in perspective” and that the inflation rate month-to-month was “up just an inch, hardly at all.”

Pelley quickly interjected: “You’re not arguing that 8.3 [percent] is good news?”

“No, I’m not saying it is good news, but it was 8.2 or 8.2 [percent] before,” Biden responded. “I mean… you’re making, make it sound like, all of a sudden, my God, it went to 8.2%.”

“It’s the highest inflation rate, Mr. President, in 40 years,” Pelley fired back. 

“I got that. But guess what we are? We’re in a position where for the last several months, it hasn’t spiked, it is just barely, it’s been basically even. And in the meantime, we created all these jobs,” Biden argued, while acknowledging that prices “have gone up.”

The interview is the latest of Biden’s attempts to aggressively defend his economic policy. The White House celebrated the passage of the Inflation Reduction Act last week – despite the Dow Jones Industrial Average tumbling more than 1200 points that same day.

The Inflation Reduction Act is intended to lower prices for consumers, as the current economic crisis is forcing some Americans to rely on credit to pay for basic necessities. 

In addition, a University of Pennsylvania Penn Wharton analysis revealed the Inflation Reduction Act would do little to reduce the annual rate of inflation in the midst of the economic recession. The bill would only reduce annual inflation by 0.1 percentage point over the next five years.

“When it comes to credit card spending over the past couple of years, we have seen categories shift on where people are spending their money,” Wells Fargo executive vice president Krista Phillips said. “Right now, our top categories are grocery and gas.”

Consumer prices rose in August by one-tenth of a percentage point, even though economists had expected inflation to go down. Median inflation hit the highest level ever recorded.

The median Consumer Price Index, which reflects only measures in the center of CPI’s prices changes, rose 0.7 percent compared with the prior month, an acceleration from the 0.5 percent increase recorded in June. The unrounded figure of 0.73789 percent is the highest on record, slightly above the previous record of 0.73078 percent set in June.

This is equivalent to an annual rate of inflation of 9.2 percent. That is the highest on record.

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Even Liberal Media Calls It Misleading…

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(FreedomWire.org) – CNN’s Kate Bolduan pressed an economic adviser in the Biden administration to explain why the “Inflation Reduction Act” doesn’t actually reduce inflation and she laughed at the answer.

Bolduan was interviewing Cecilia Rouse, the chair of the White House Council of Economic Advisors, on the signing of the bill Tuesday and the official scoring that said it doesn’t actually do what it says it will do.

“Democrats titled this bill the Inflation Reduction Act, which begs of course for voters to hold you all accountable to that,” said Bolduan.

“The Congressional Budget Office, you know this, but to remind viewers, the non-partisan kind of scoring organization for legislation, says that the bill would have negligible impact on inflation this year and next,” Bolduan continued. “Are you personally comfortable as an economist calling it the inflation reduction act?”

“So this bill represents really important investments we know we need to make that help to expand our economic capacity,” Rouse responded.

“Inflation happens when we have too much demand for the supply, and we know we need to be investing in the supply supports so we are better able as a country to address issues like inflation going forward,” she added. “So this will increase our economic growth, and because of how we planned to implement it and provisions in the bill, that growth will be more equably shared.”

Bolduan persisted.

“But if you passed a bill called the Fill Every Pot Hole Act, I mean voters should expect you to fill every pot hole. So should voters measure the success of this bill on how much you reduce inflation in the next couple of years?” Bolduan asked.

Rouse went on to explain that the bill’s benefits would be spread out over many years, but she did not actually answer why it didn’t actually lower inflation.

“Yeah,” Bolduan replied.

“And a name is just a name, but there are definitely a lot of other names you could have named this bill!” she laughed.

Rouse was similarly pilloried by another CNN anchor, Jake Tapper, in July when he pointed out that Biden officials kept coming out to say they were working on inflation while it kept getting worse.

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Biden Finally Takes Responsibility For Something…

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(FreedomWire.org) – In a sign of just how desperate President Joe Biden is for a political victory — any victory — yesterday, he took credit for the recent slight decrease in the price of gasoline consumers are paying at the pump.

A slight decrease that still has the price per gallon at a level most vehicle owners have never paid in their lifetime.

In a tweet Biden said, “folks, as we fight inflation, bringing down gas prices is a big part of the job, and here’s the good news. Gas prices have dropped every day this summer. That’s more than 40 days in a row. We now have 40,000 gas stations in the United States where the price of gas is $3.99 or less. How’d we get the price down? Well, a new report today shows that our plan to take oil out of storage, put it on the market, played a big part. Plus, I’m pressing the oil industry to pump more oil here in the United States, and as the global cost of oil drops, pass the savings on to the consumers. But we have a lot more to do. We’re working with the oil and gas industry to get production up and prices down, even as we stay focused on transitioning to a clean energy economy and I promise you, I’ll continue to do everything I can to bring down gas prices.”

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